Senator Lisa Murkowski, Chairman of the Senate Committee on Indian Affairs, and Senator Brian Schatz, Vice Chairman, urged the Commodity Futures Trading Commission (CFTC) in a letter dated July 27 to conduct formal government-to-government consultation with Tribes regarding its proposed “Prediction Markets; Public Interest Determinations” rule and to extend the public comment deadline by at least 60 days.
The senators said that the proposal could significantly affect Tribal sovereignty, Tribal gaming regulation under the Indian Gaming Regulatory Act, and Tribal economic interests. They argued that it is critical for Tribes to have additional time to evaluate the proposal and participate in a formal consultation process. The current public comment period is set to close on July 27.
In their letter addressed to CFTC Chairman Selig, Murkowski and Schatz wrote, “We write to request the Commodities Futures Trading Commission (CFTC) conduct robust and meaningful government-to-government consultation with Tribes regarding the proposed rule, ‘Prediction Markets; Public Interest Determinations,’ (RIN 3038-AF65) and to immediately extend the current July 27, 2026, comment deadline. At a minimum, the CFTC should extend the comment period by 60 days to allow for formal Tribal consultation to take place and for Tribal Nations to have adequate time to fully evaluate the effects of this complex proposed rulemaking on Tribal governmental, economic, and regulatory interests.”
The letter outlines concerns about how provisions in the proposed rule—such as defining “gaming,” establishing factors for determining whether gaming-related event contracts are contrary to public interest, and asserting exclusive jurisdiction over certain event contracts traded as swaps or futures contracts—could impact existing regulatory frameworks under federal law. The senators said that while some meetings between CFTC staff and representatives of Tribal governments have occurred, these do not substitute for formal government-to-government consultation processes required when federal policies may affect tribal interests.
The Senate Committee on Indian Affairs operates as a standing committee in the U.S. Senate dedicated to Native American affairs. It supports self-determination for Native American communities through policy development and oversight; oversees legislation related to education, health care and economic development; addresses Native American affairs including those in Alaska; influences federal policy concerning tribal sovereignty; became permanent in 1984 after originally forming as a select committee in 1816—all according to information from the official website.
Murkowski and Schatz concluded their letter by requesting that “the CFTC should not finalize this rule until it has completed these requested actions” of extending consultation opportunities for affected Tribes.